Section 5-5A-18.1

State banks to have power of federally chartered or regulated bank.

Subject to the prior approval of the Superintendent of Banks of Alabama, state banks may make any loan or investment or exercise any power which they could make or exercise if incorporated or operating in this state as a federally chartered or regulated bank and shall be entitled to all rights, privileges, and protections granted or available to federally chartered or regulated banks under federal statutes and regulations. The provisions of this section shall take priority over, and be given effect over, any other general or specific provisions of the Alabama law relating to banking to the contrary. The superintendent shall consider the importance of maintaining a competitive dual banking system and whether such an order is in the public interest.

(Acts 1988, No. 88-554, p. 870; Acts 1995, No. 95-115, p. 134, §71.)